Lakeland, which was founded as Lakeland Plastics by Alan Rayner in 1964 and grew exponentially under the management of Rayner’s three sons, Sam, Martin and Julian, has been acquired in an MBO. This enables the Rayner brothers to retire, leaving the business to run under its CEO, Catherine Nunn, with Stephen Hill as CFO/COO, and Neil Piggot as chief commercial officer.
The MBO was financed by Hilco, which has also provided long-term funding capital for Lakeland.
Sam Rayner said: “Looking forward and implementing the right funding model and foundation for the future of Lakeland has been extremely important to us. As we hand over the day-to-day management of Lakeland to Catherine, Stephen and Neil, we do so with confidence in their leadership.
“It has been a tremendous journey and a privilege to work with so many dedicated and talented colleagues at Lakeland. I want to express heartfelt thanks to all those past and present who have contributed to the success of the business and helped shape its unique culture. And to your customers, thank you for your loyalty and support over so many years.”
Catherine Nunn said: “It’s been a great privilege to work alongside Sam, Martin and Julian since I joined the business nearly ten years ago. Their energy and commitment to our customers and colleagues is a shared passion, and one that I know will always belong at the heart of the business.
“Whilst it’s not easy to end such an important chapter of Lakeland’s story, I’m excited to look to the future and grow our business, working collaboratively with the team at Hilco Capital.”
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